Texas imposes a 6.25 percent state sales and use tax on all retail sales, leases and rentals of most goods, as well as taxable services. A Texas entity, terminating, converting or merging, must file its final tax report and pay any amount due in the year it plans to terminate, convert or merge.This application is to secure the necessary permit for a going out of business sale. A separate application must be submitted for each location the going. Both the seller and purchaser of a group of assets that makes up a trade or business must use Form 8594 to report such a sale. Business taxes are extremely low in Texas, and there is no personal income tax. This gives Texas two distinct competitive advantages over many other states. THERE IS NO FEE FOR A SALES AND USE TAX PERMIT; however, you may be required to furnish a bond or security. Generally, Texas law requires a filing entity to file an instrument with the secretary of state for mergers, conversions, terminations, and withdrawals. The sale of a trade or business for a lump sum is considered a sale of each individual asset rather than of a single asset.